Dive Summary:

• On Friday, Pier 1 Imports announced that it has authorized a new $200 million stock buyback program.
• Pier 1 held roughly 103.8 million shares of outstanding stock at last week’s end. The program becomes effective immediately.
• The company also announced the hiring of three new executives to its board of directors; Cynthia P. McCague, Michael A. Peel and Ann M. Sardini

Dive Insight:

We are extremely pleased to announce the addition of Ms. McCague, Mr. Peel, and Ms. Sardini to our board. Their experience and insight will serve as a great complement to our existing team as we continue forward,” said Terry London, Chairman of Pier 1 board of directors. In regards to the buyback program, the company says the potential repurchasing of outstanding common stock will depend on market conditions and prices.